Interesting stuff here about PWEB:
Pacific WebWorks, Inc. (OTCBB: PWEB) reported that revenues increased to $9,688,955 for the 2009 third quarter up from $8,697,551 for the second quarter of 2009 and $1,775,162 for the third quarter of 2008. For the first nine months of the year revenues totaled $21,624,424 compared to $7,351,878 for the first nine months of 2008, an increase of 194%.
Unrestricted cash amounted to $1,613,765 at September 30, 2009, an increase of $1,236,022 from year end December 31, 2008, with all of the growth coming from operations. The company's current ratio is now over 2.3X. Total assets increased 60.0% from $4,482,215 at December 31, 2008, to $7,165,336 at June 30, 2009.
The company's net income before tax for the 2009 third quarter was $1,578,117, compared to net income before tax of $39,603 during the 2008 third quarter. This increase relates to the continued success of the company's online marketing strategies and partnerships directly targeting new customer acquisition. Net income for the first nine months of 2009 was $1,364,360, or $.03 per share, compared to net income of $304,712, a growth of 348% over the same period last year.
CEO Ken Bell stated, "The third quarter of 2009 represents a landmark period in the history of our company. Our overall financial condition and liquidity has never been stronger, and our equity continues to increase. During the third quarter we dramatically increased our net profit margins and earnings per share and intend to continue an emphasis on improved EPS. Revenues and profits reached record levels for the quarter."
Bell continued, "Demand for our product remains strong, and our online marketing channels have been very effective in reaching our potential customers. Our infrastructure is in place to allow us to handle the multitude of transactions and customer service requirements that have accompanied our growth, and we are prepared to continue our focus on product sales and marketing."
Please visit the company's filings for more information concerning the financials.
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